Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.20.2
Leases
6 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Leases Leases
The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2021 to 2030. As of September 30, 2020, the weighted average remaining lease term was 5.6 years and the weighted average discount rate was 7.6%. The Company does not have any finance leases as of September 30, 2020.
The Company also has subleases of former offices which expire at various dates from fiscal 2021 to fiscal 2025. Sublease income from operating leases, which is recorded as a reduction of rental expense, was $1.1 million for both the three months ended September 30, 2020 and 2019, and $2.3 million and $2.2 million for the six months ended September 30, 2020 and 2019, respectively.
The following table presents information about leases on the condensed consolidated statements of operations (in thousands):

Three Months Ended
September 30, 2020
Six Months Ended September 30, 2020
Operating lease expense (1)
$ 2,739  $ 5,382 
Short-term lease expense $ 158  $ 312 
Variable lease expense $ 206  $ 381 
_________________
(1) Presented gross of sublease income.
The following table presents supplemental cash flow information about the Company’s leases (in thousands):
Six Months Ended September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities $ 6,796 
Operating lease assets obtained in exchange for new operating lease liabilities $ 150 
As of September 30, 2020, remaining maturities of lease liabilities were as follows (in thousands):
Fiscal Years Ending March 31, Amount
2021 $ 6,492 
2022 11,415 
2023 10,757 
2024 9,804 
2025 6,685 
Thereafter 12,947 
Total operating lease payments (1)
58,100 
Less: imputed interest (10,972)
Total operating lease liabilities $ 47,128 
_________________
(1) Presented gross of sublease income.
As of September 30, 2020, the Company had commitments of $5.3 million for an office space operating lease that has not yet commenced, and therefore is not included in the right-of-use asset or operating lease liability. This operating lease is expected to commence during the fiscal year ended March 31, 2021 and with a lease term of 10 years.
As previously disclosed in the Company’s Annual Report, and under previous lease accounting standard ASC 840, the aggregate future non-cancelable minimum rental payments on its operating leases, as of March 31, 2020, were as follows (in thousands):
Fiscal Years Ending March 31, Amount
2021 $ 14,210 
2022 11,663 
2023 11,235 
2024 10,864 
2025 8,020 
Thereafter 16,331 
Total future contractual payments (1)
$ 72,323 
_________________
(1) Presented gross of sublease income.
Under ASC 840, total rent expense under operating leases during the three and six months ended September 30, 2019 were $3.4 million and $6.7 million, respectively.
Leases Leases
The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2021 to 2030. As of September 30, 2020, the weighted average remaining lease term was 5.6 years and the weighted average discount rate was 7.6%. The Company does not have any finance leases as of September 30, 2020.
The Company also has subleases of former offices which expire at various dates from fiscal 2021 to fiscal 2025. Sublease income from operating leases, which is recorded as a reduction of rental expense, was $1.1 million for both the three months ended September 30, 2020 and 2019, and $2.3 million and $2.2 million for the six months ended September 30, 2020 and 2019, respectively.
The following table presents information about leases on the condensed consolidated statements of operations (in thousands):

Three Months Ended
September 30, 2020
Six Months Ended September 30, 2020
Operating lease expense (1)
$ 2,739  $ 5,382 
Short-term lease expense $ 158  $ 312 
Variable lease expense $ 206  $ 381 
_________________
(1) Presented gross of sublease income.
The following table presents supplemental cash flow information about the Company’s leases (in thousands):
Six Months Ended September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities $ 6,796 
Operating lease assets obtained in exchange for new operating lease liabilities $ 150 
As of September 30, 2020, remaining maturities of lease liabilities were as follows (in thousands):
Fiscal Years Ending March 31, Amount
2021 $ 6,492 
2022 11,415 
2023 10,757 
2024 9,804 
2025 6,685 
Thereafter 12,947 
Total operating lease payments (1)
58,100 
Less: imputed interest (10,972)
Total operating lease liabilities $ 47,128 
_________________
(1) Presented gross of sublease income.
As of September 30, 2020, the Company had commitments of $5.3 million for an office space operating lease that has not yet commenced, and therefore is not included in the right-of-use asset or operating lease liability. This operating lease is expected to commence during the fiscal year ended March 31, 2021 and with a lease term of 10 years.
As previously disclosed in the Company’s Annual Report, and under previous lease accounting standard ASC 840, the aggregate future non-cancelable minimum rental payments on its operating leases, as of March 31, 2020, were as follows (in thousands):
Fiscal Years Ending March 31, Amount
2021 $ 14,210 
2022 11,663 
2023 11,235 
2024 10,864 
2025 8,020 
Thereafter 16,331 
Total future contractual payments (1)
$ 72,323 
_________________
(1) Presented gross of sublease income.
Under ASC 840, total rent expense under operating leases during the three and six months ended September 30, 2019 were $3.4 million and $6.7 million, respectively.